Housing Finance Authority (HFA) of Lee County – Own a Home Opportunity Second Mortgage Program (Multi-County) – Targeted Areas

Special Alert

**CHECK RATES/OFFERINGS FOR AVAILABILITY** Income limits are lower for Freddie Mac financing and borrowers whose income is at or below 80% AMI which is not reflected here. To view all income limits review the Program Guide.

Maximum Purchase Price


Contact Info:

http://hfaleeco.org/ PO Box 2258, Fort Myers, FL 33902 239-334-4003



Credit Score Requirements

Minimum Credit Score: 640

Deferred Payments?

Yes, for 30 years

Accepted First Mortgage Type:

Freddie Mac HFA Advantage, FHA 203(b), VA, USDA / RD

Homeowners Education Class:


Is Forgivable?


4 Counties: Charlotte, Collier, Lee, Palm Beach Program is limited to targeted areas in Includes all of Charlotte, Collier, DeSoto, Lee, Palm Beach and Sarasota Counties.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from Agency-defined 2022 guidelines Freddie Mac over and under 80% AMI available. Underwriters should remember that CALCULATION OF PROGRAM (COMPLIANCE) INCOME IS DIFFERENT THAN CALCULATION OF INCOME FOR CREDIT PURPOSES. The program requires that underwriters consider the income of borrowers and their spouses (regardless of their address) and all household members 18 years of age or older (related or unrelated). Use the information below as a general guide. Because each case is different, please contact Compliance if you have questions. Unlike income that is averaged for credit underwriting, the program is concerned with actual current income. You should be reviewing the YTD income, the income of the last 4 months and the income shown on previous tax returns for consistency. You should not be averaging income. If there are not inconsistencies in earnings, use the guidelines for each loan type to determine current gross monthly income. Current gross monthly income is multiplied by remaining months in the year to determine “total current annualized income”. For the tax year in which the closing occurs, consider YTD income. Then establish current base income for the balance of the year using the guidelines for each type of income. Then consider any additional income. For assistance, contact the Compliance Office. Gross monthly income is the sum of monthly gross pay; any additional income from overtime, part-time employment, bonuses, income from self-employment, dividends, interest, royalties, pensions, VA compensation and net rental income, other income (such as alimony, child support, public assistance, sick pay, social security benefits, unemployment compensation, income received from trusts, and income received from business activities or investments, continuation of which is probable based on foreseeable economic circumstances based upon the Mortgagor’s Affidavit (to such effect), all as computed at the time of application for a mortgage loan and confirmed at the time of closing. We will check information with respect to gross monthly income obtained from the reservation form, Underwriter’s Certification and applicable certificates and affidavits executed the date of the Closing of the Mortgage Loan, provided that any gross monthly income not included for credit underwriting purposes must be included in determining gross monthly income. The limit is the limit and any amount over the limit is not acceptable. Include the income of non-borrower co-habitants who will reside in the property. However, do not include (1) dependents that are claimed on tax returns but who will not permanently reside in the home the majority of the time and (2) co-signers. The Affidavit, executed by the borrower(s), and certified by the lender, must include the total verified annual household income. This program considers HOUSEHOLD INCOME not income of the borrower. Household income includes the income of borrower, spouse. Remember if persons are not divorced, they are married. We count the income of the spouse whether they reside in property or not. Also include the income of all who will reside in the home 18 years of age or older (children, parents on social security, etc).

Maximum Assistance

$10,000 Up to $7,500 in down payment and closing cost assistance. Up to $10,000 in Palm Beach for down payment and closing costs assistance.

Education Requirements Info:

All parties on the Note must attend a program approved pre-purchase homebuyer education course even if a Veteran or purchasing in a targeted area. Face-to-face homebuyer education is permitted by a HUD approved counseling agency, a unit of local government in FL, or a counseling agency designated by a unit of local government to provide homebuyer education on their behalf. http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=FL Homebuyer education provided over the phone or by the lender is not acceptable. Certificates of completion are acceptable for 2 years from the date of completion.

Eligible Property Types:

Single Family Detached Condo Townhome/PUD Modular Home

Income By Household Size:

HH1-8 $147,900 *Income limits as of 04/28/2023

Qualifying Ratios:

Housing Ratio: — Total DTI: Up To 50% 45% for all loan products with 640 – 679 FICO. 50% for all loan products with a 680+ FICO. * Lenders must comply with Mortgage Insurance DTI requirements which may limit the maximum DTI for borrowers.